Selected accounts of Blue Spruce Limited at December 31, 2023, follow: Finished Goods Inventory Unearned Revenue Bank Overdraft Equipment Work-in-Process Inventory Cash FV-NI Investments Interest Payable Restricted Cash (for Plant Expansion) 1. 2. 3. 4. 5. 6. 7. $157,000 The following additional information is available: (a) 92,000 9,800 403,000 44,000 60,000 36,000 49,000 Cost of Goods Sold Notes Receivable Accounts Receivable Raw Materials Inventory Supplies Expense Allowance for Expected Credit Losses Intangible Assets-Trade Names Contributed Surplus 60,000 Common Shares $3,800,000 48,000 251,000 367,000 61,000 31,000 22,000 18,000 306,000 Inventory is valued at the lower of cost and net realizable value using FIFO. Equipment is recorded at cost. Accumulated depreciation, calculated on a straight-line basis, is $62,600. The FV-NI investments have a fair value of $34,000. The notes receivable are due April 30, 2024, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrue interest due on December 31, 2023.) The allowance for expected credit losses applies to the accounts receivable. Accounts receivable of $60,000 are pledged as collateral on a bank loan. Intangible Assets-Trade Names are reported net of accumulated amortization of $24,000. The bank overdraft is at the same bank as the amount reported above under Cash and therefore Blue Spruce has (correctly) chosen to net the bank overdraft and cash amounts for financial statement purposes. Prepare the current assets section of Blue Spruce's statement of financial position as at December 31, 2023. (List Current Assets in order of liquidity.)
Selected accounts of Blue Spruce Limited at December 31, 2023, follow: Finished Goods Inventory Unearned Revenue Bank Overdraft Equipment Work-in-Process Inventory Cash FV-NI Investments Interest Payable Restricted Cash (for Plant Expansion) 1. 2. 3. 4. 5. 6. 7. $157,000 The following additional information is available: (a) 92,000 9,800 403,000 44,000 60,000 36,000 49,000 Cost of Goods Sold Notes Receivable Accounts Receivable Raw Materials Inventory Supplies Expense Allowance for Expected Credit Losses Intangible Assets-Trade Names Contributed Surplus 60,000 Common Shares $3,800,000 48,000 251,000 367,000 61,000 31,000 22,000 18,000 306,000 Inventory is valued at the lower of cost and net realizable value using FIFO. Equipment is recorded at cost. Accumulated depreciation, calculated on a straight-line basis, is $62,600. The FV-NI investments have a fair value of $34,000. The notes receivable are due April 30, 2024, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrue interest due on December 31, 2023.) The allowance for expected credit losses applies to the accounts receivable. Accounts receivable of $60,000 are pledged as collateral on a bank loan. Intangible Assets-Trade Names are reported net of accumulated amortization of $24,000. The bank overdraft is at the same bank as the amount reported above under Cash and therefore Blue Spruce has (correctly) chosen to net the bank overdraft and cash amounts for financial statement purposes. Prepare the current assets section of Blue Spruce's statement of financial position as at December 31, 2023. (List Current Assets in order of liquidity.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Selected accounts of Blue Spruce Limited at December 31, 2023, follow:
Finished Goods Inventory
Unearned Revenue
Bank Overdraft
Equipment
Work-in-Process Inventory
Cash
FV-NI Investments
Interest Payable
Restricted Cash (for Plant Expansion)
1.
2.
3.
4.
5.
6.
The following additional information is available:
7.
$157,000
(a)
92,000
9,800
403,000
44,000
60,000
36,000
Cost of Goods Sold
Notes Receivable
Accounts Receivable
Raw Materials Inventory
Supplies Expense
Allowance for Expected Credit Losses
Intangible Assets-Trade Names
Contributed Surplus
49,000
60,000 Common Shares
$3,800,000
48,000
251,000
367,000
61,000
31,000
22,000
18,000
306,000
Inventory is valued at the lower of cost and net realizable value using FIFO.
Equipment is recorded at cost. Accumulated depreciation, calculated on a straight-line basis, is $62,600.
The FV-NI investments have a fair value of $34,000.
The notes receivable are due April 30, 2024, with interest receivable every April 30. The notes bear interest at 6%. (Hint:
Accrue interest due on December 31, 2023.)
The allowance for expected credit losses applies to the accounts receivable. Accounts receivable of $60,000 are pledged as
collateral on a bank loan.
Intangible Assets-Trade Names are reported net of accumulated amortization of $24,000.
The bank overdraft is at the same bank as the amount reported above under Cash and therefore Blue Spruce has (correctly)
chosen to net the bank overdraft and cash amounts for financial statement purposes.
Prepare the current assets section of Blue Spruce's statement of financial position as at December 31, 2023. (List Current Assets in order
of liquidity.)
Transcribed Image Text:Prepare the current assets section of Blue Spruce's statement of financial position as at December 31, 2023. (List Current Assets in order
of liquidity.)
Current Assets
✓:[
Total Current Assets
>
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>
Blue Spruce Limited
Statement of Financial Position (Partial)
$
$
$
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